Material handling products manufacturer Columbus McKinnon Corp. (NASDAQ: CMCO), Amherst, New York, has announced plans to close its Lisbon, Ohio, factory and consolidate the operation into its facilities in Virginia and North Carolina.
“We are continuously identifying opportunities to simplify our business. This consolidation will provide better service and an improved overall experience for our customers, while driving value,” said Mark Morelli, president and chief executive officer. “Over the last year, we have transformed the Wadesboro, North Carolina, and Damascus, Virginia, facilities into assembly-manufacturing centers of excellence for wire rope and electric chain hoists, respectively. With the closure of the Lisbon, Ohio operation, we will transfer more product lines into these Centers of Excellence.” The Lisbon, Ohio facility was part of the Chester Hoist acquisition in 1995.
The closure of the Lisbon operation will affect 59 union associates and 17 staff associates in that location. The restructuring process is expected to take between seven to 10 months. The company expects plant closure costs of $3.5 million and estimates annual savings of $5 million once completed.